Oil prices slipped this evening after the US dollar rebounded as investors nervous about the crisis in Egypt bought the US currency, and as US data showed crude stockpiles rose for the third straight week.
In London, Brent crude dipped from a 28-month high on fears that the upheaval in Egypt could spread across the Middle East and north Africa.
Across the Atlantic, US crude futures came under pressure after government data showed that crude stockpiles rose 2.6 million barrels last week, as refiners kept rebuilding stocks that dropped sharply toward the end of last year for tax reasons.
Adding pressure, crude stocks stored at the key storage hub at Cushing, Oklahoma, the delivery point for crude oil futures traded on the New York Mercantile Exchange surged 667,000 barrels to a record 38.33 million barrels.
Brent fell 21 cents to $101.53 a barrel. In earlier trade it had risen, briefly touching $102.36, the highest price since September 2008. US crude dipped 44 cents to $90.33.
A stronger dollar usually puts pressure on oil prices as a pricier US currency makes oil expensive for buyers using other currencies.
